“It may not end. The people of this region have a near infinite capacity for diminished expectations. They seem to always do what they are told and accept what they are given, and no matter how ridiculous it is. They will pay more and more for less and less. Today it’s $700k for an old basement on a busy road in hookertown. Tomorrow it could be $1 million dollars for a tent and a license to beg in the rain. It’s the best place on earth you know.
That’s the true value of Vancouver: chumps. There is an inexhaustible supply of fools who will never look elsewhere and the media apparatus to direct them. Pay $10 for a hot dog? Lineups for days. Why not $100? Limited time only. Buy now. These people will pay anything and do anything, regardless of whether it makes sense, and that’s why Vancouver is so valuable. It’s not the land, or the scenery, or the climate, and it’s certainly not the standard of living. It’s the people.
You can argue from simple mathematics that eventually this must end. The population will be unable to pay for it. This is true, but don’t ignore the fact that so many 60 year olds have 40 year mortgages. When the general population can wield sums of money that they have no hope of repaying the integrity of the system is lost. Money doesn’t mean anything in Vancouver, and under current policies Canada is sure to follow. We have socialized credit and destroyed capitalism. Newcomers don’t own anything in Vancouver and won’t get the opportunity. It’s like a communist country, which is maybe why HAM finds it so appealing.
As for options, with the precedent established and the trend so firmly in place, there is no reason to bet on a reversal. In 2008 this new system cracked and the authorities handed out gobs of money to favoured groups until it was fixed and the transformation could continue. They invited corrupt CPC officials to immigrate and launder an unprecedented amount of money through Canada. Anyone betting on an ounce of fairness or responsibility was badly burned.
That’s it as far as I’m concerned. The social structure in Canada is ossifying and the economic structure is in decline. Our neighbours to the south have once again shown the way, by restoring balance to their system after only a few crazy years. Despite this enormous cost (or actually, because of it) sensible investment opportunities exist in the United States. That country is dynamic again. The fact that an American dollar today buys twice as much food, twice as much house, and twice as much gas is a harbinger of things to come. Canadians foolishly think they are better off, but Canada is going nowhere. Trade your Canadian dollars at par while you can, and move to the US to enjoy the standard of living you expect and get the opportunities that everyone deserves.
The worst thing you could do in life isn’t buying a $700k Vancouver basement suite, it’s sitting around waiting for that to change. It may not change, or if it does, it may take too long, or you may not like it anymore. So you better have a plan in motion.
Personally, planning to move because I want something better, full stop. Vancouver is just crap with a zero on the end, and Canada is grossly overrated too. I’m 50% out of Canadian assets because I don’t think our dollar is worth what the world says it is. I see China imploding instead of leading the world. Their model of over-investment is near an end. I think the next great invention will come from the United States, and the next bull market will be born there. They have so many small companies working on the next big thing, you have no idea. If you want opportunity, it’s there. They have nice houses for $100,000. Buy one and get on with life. It doesn’t have to be perfect. It’s as close to economic freedom as you are ever likely to get. I am astounded that people on this website could be offered this and somehow turn it down.
Real estate and credit bubbles were the last decade, so why is Canada still mired in it? Who even gives a shit? In the greater world, nobody. And nor should they care. And nor should you.”